Coinbase Rolls Out Wrapped ADA and LTC on Base
Coinbase just dropped wrapped versions of Cardano’s ADA and Litecoin on its layer-2 network, Base. The announcement came through a post on X—formerly Twitter—months after the exchange first hinted at the move.
The new tokens, cbADA and cbLTC, are ERC-20 assets backed 1:1 by actual ADA and LTC held in Coinbase’s custody. The idea here is simple: let holders use these coins within Base’s ecosystem without jumping through hoops.
In the post, Coinbase shared the contract addresses for both tokens, warning users to double-check them. Apparently, fake versions have already popped up. The cbADA address is *0xcbADA…7b8c*, and cbLTC is *0xcb17C…445F*.
Why This Matters
This isn’t Coinbase’s first rodeo with wrapped assets. They’ve already done it with Bitcoin (cbBTC), XRP (cbXRP), and Dogecoin (cbDOGE). But here’s the catch—most of these wrapped tokens live exclusively on Base, except for cbBTC, which is also available on Ethereum, Solana, and Arbitrum.
What’s interesting is how quickly cbADA gained traction. Proof-of-reserves data shows nearly 3 million ADA tokens wrapped already. That’s not nothing.
Base’s Open Approach Wins Fans
Base doesn’t have a native token, unlike most layer-2 networks. Instead, it’s focused on getting as many people on-chain as possible. Wrapping assets like ADA and LTC is part of that strategy.
And it’s working. Base now handles more transactions than Ethereum’s mainnet—7.91 million in a single day, according to Growthepie. It’s also pulling in serious liquidity, with over $12 billion in total value secured.
Jesse Pollak, one of Base’s creators, put it simply: *”Base is for everyone.”* That mindset might explain why over 900 projects pitched at Base’s recent Demo Day, with teams from Africa making up a surprising chunk of the top contenders.
Coinbase’s Bigger Picture
Bernstein analysts recently upped their price target for Coinbase stock (COIN) from $310 to $510. Their reasoning? Coinbase has held its ground against competitors and bridges retail, institutional, and on-chain infrastructure better than anyone else.
Oh, and there’s the MiCA license in Luxembourg, which lets Coinbase operate across the entire EU. Not bad for a company whose stock is already up 40% this year.
Whether Base’s growth keeps up this pace is anyone’s guess. But for now, Coinbase seems to be playing the long game—and it’s paying off.
